As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading. Futures can be roughly divided into two categories, commodity futures and financial futures. Bian Xiao has compiled a guide to the stock index futures investment market for your reference. I hope everyone will gain something in the reading process!

1, investor suitability system

Investor suitability system is a system established by China Securities Regulatory Commission and China Financial Futures Exchange according to the characteristics of the stock index futures market, which requires futures companies to know their customers and objectively and comprehensively measure their risk preference and risk-taking ability. Its purpose is to effectively protect the legitimate rights and interests of investors, promote the normal function of the stock index futures market and realize the stable operation of the market.

Establishing the investor suitability system of stock index futures is a necessary measure to protect the legitimate rights and interests of investors, an important guarantee for the stable operation and healthy development of stock index futures market, and a concrete manifestation of vigorously strengthening the basic system construction of capital market in combination with the characteristics of emerging and transitional markets in China.

According to the provisions of CICC, the investor suitability standard of stock index futures is divided into natural person investor standard and legal person investor standard.

The appropriateness criteria of natural person investors include the following aspects:

First, when the capital threshold requires to apply for opening an account, the balance of available funds in the margin account shall not be less than RMB 500,000; 2. Have basic knowledge of stock index futures and pass relevant tests; 3. Stock index futures simulation trading experience or commodity futures trading experience requires that customers must have at least 10 trading days, more than 20 stock index futures simulation trading records or at least 10 commodity futures trading records in the last three years.

Natural person investors should also pass the comprehensive evaluation of futures companies. Comprehensive evaluation indicators include the basic situation of investors, relevant investment experience, financial status and integrity status.

The Standards for Suitability of Legal Person Investors put forward requirements from the aspects of financial status, business personnel and internal control system construction. , combined with the regulatory authorities' access policies for special legal person investors such as fund management companies and securities companies.

Neither natural person investors nor legal person investors can have significant bad credit records; There are no laws, regulations, rules and business rules of the exchange to prohibit or restrict the trading of stock index futures.

In the process of implementing the investor suitability system, investors should comprehensively evaluate their own economic strength, product cognition ability, risk control ability, physiological and psychological endurance, and carefully decide whether to participate in stock index futures trading. Investors shall truthfully declare the account opening materials, and shall not evade the requirements of investor suitability standards by means of false declaration. Investors shall abide by the principle of "buying and selling at their own risk" and bear the performance responsibility of stock index futures trading, and shall not refuse to bear the performance responsibility of stock index futures trading on the grounds that they do not meet the investor's suitability standards. The requirements of the investor suitability system for investors and the evaluation based on this system do not constitute investment advice or profit guarantee for investors. In addition, investors should abide by laws and regulations, safeguard their legitimate rights and interests through proper channels, and must not infringe upon the national interests and the legitimate rights and interests of others, and must not disturb social order.

2. Business links of trading stock index futures

A complete futures trading process includes four links: account opening, trading, settlement and delivery.

(1) account opening link

China's futures market implements a unified account opening system and a real-name account opening registration system. Customers must open stock index futures accounts through the unified account opening system, and the futures margin monitoring center will verify the customer's name and certificate number through networking with the national citizenship information system of the Ministry of Public Security and the relevant systems of the national organization code management center. All customer data (including video data) are strictly checked by the futures margin monitoring center according to unified standards, and then filed one by one. The account opening code of each customer corresponds to the customer name, internal fund account, futures settlement account and transaction code in the account opening system, which lays a solid foundation for market monitoring.

Customers who participate in stock index futures trading need to sign a special risk disclosure book and futures brokerage contract with futures companies, and open a futures account. Customers cannot use securities accounts and commodity futures trading codes for stock index futures trading. Therefore, before entering the futures market, ordinary customers should first choose futures companies with legal agency qualifications, good reputation, safe funds, standardized operation and reasonable fees, and at the same time obtain financial futures brokerage business qualifications and CICC membership.

After comparing, judging and selecting futures companies, customers can apply for entrustment and open an account with futures companies. Opening an account is essentially a legal relationship between an investor (principal) and a futures company (agent).

Generally speaking, the procedures and required documents for members of futures companies to open accounts for customers are different, but the basic procedures and methods are basically the same.

(2) Trading link

After the customer pays the deposit for opening an account in full according to the regulations, the transaction can be started and the order can be entrusted. The so-called placing an order refers to the behavior that the customer sends a trading order to the business personnel of the futures brokerage company before each transaction, indicating the type, quantity and price of the contract to be bought and sold. Usually, customers should be familiar with and master the relevant trading instructions first, and then choose different futures contracts for specific trading.

Trading orders of Shanghai and Shenzhen 300 stock index futures mainly include market price orders and limit orders.

A. A market order refers to an order with unlimited price and trading at the best price that can be executed in the market at that time. The unfinished part of the market order is automatically revoked.

B. a limit order refers to an order with a limited price or better. When buying, the limit order must be closed at or below its limit price; When selling, the transaction must be made at a price equal to or higher than the limit price. The price limit order is valid on the same day, and the unfinished part can be revoked.

The market order can only be used as a limit order, and the transaction price is equal to the limit price of the immediate optimal limit order. The quotation of trading orders can only be within the contract price limit, and the quotation exceeding the price limit is considered invalid. The declaration of trading orders shall take effect after being confirmed by the exchange. The minimum order quantity of trading orders is 1 lot, the maximum order quantity of market orders is 50 lots, and the maximum order quantity of limit orders is 100 lots.

(3) Settlement link

The exchange implements a member grading settlement system. The exchange shall settle accounts with clearing members, which shall settle accounts with their clients and trading members, and trading members shall settle accounts with their clients. After the end of the day's trading, the settlement price of the trading house on that day shall be the profit and loss, trading margin, handling fees, taxes and other expenses of all contracts settled by the settlement members, and the net accounts receivable and payable shall be transferred at one time, and the settlement reserve shall be increased or decreased accordingly. After the settlement of the exchange is completed, the settlement members shall settle the customers and trading members in accordance with the principles stipulated in the preceding paragraph; Trading members shall settle accounts with customers in accordance with the principles stipulated in the preceding paragraph.

Futures contracts take the settlement price of the day as the basis for calculating the profit and loss of the day. The settlement price of the day refers to the weighted average price of the transaction price in the last hour of a futures contract according to the volume.

(4) Delivery link

Stock index futures contracts are delivered in cash. After the closing of the last trading day of the stock index futures contract, the trading company shall pay the profit and loss of the positions of both parties based on the settlement price, and settle all the open contracts. The settlement price of Shanghai and Shenzhen 300 stock index futures is determined as the arithmetic average price of the last two hours of the Shanghai and Shenzhen 300 index on the previous trading day, and the trading right adjusts the settlement price of stock index futures according to market conditions.

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